OFFICE OF FINANCIAL AID
662-252-8000 ext. 4061; or 1-888-886-8492; Fax: (662) 252-8895
Mr. Reginald Smith, Director of Financial Aid
DETERMINATION OF FINANCIAL AID:
Rust College awards most financial aid based on a student’s demonstrated financial need. Need is determined as follows:
- Cost of Attendance
- Expected Family Contribution (EFC calculated by completing FAFSA)
- Student’s Financial Need
Example: Cost $13,870
EFC - 870
Unmet need $13,000
FINANCIAL AID SOURCES:
Grants: Gifts from federal, state, and/or college funds based on financial need.
Scholarships: Gifts from Rust College or outside sources based on demonstrated
ability, leadership, and community service.
Loans: Money that is borrowed and must be repaid, generally after you have
graduated or are no longer enrolled in college. Interest rates are usually
lower than commercial loans.
Work Study: Money that is earned by working.
FINANCIAL AID PROCEDURES:
To determine eligibility for any type of student financial aid administered by the Financial Aid Office you must:
- Complete the Free Application Federal Student Aid (FAFSA) form at www.fafsa.ed.gov. Federal School Code is 002433.
- FAFSA completed online must be signed electronically by student and parent. Apply for a pin number at www.pin.ed.gov or you may print a signature page from the FAFSA application and mail it to:
Federal Student Aid Program
P.O. Box 7001
Mt. Vernon, IL 62864-0071
Please remember to mail your signature page if you decide to use this method. If you do not mail your signature page or sign FAFSA electronically, your information is considered void.
3. Complete the Admissions and Financial Aid Application.
4. Be accepted by Rust College.
5. ALL STUDENTS must complete the Student Loan Counseling Session and the (MPN) Master Promissory Note, if you are awarded a loan. Website: http://studentloans.gov
The U.S. Department of Education requires all institutions of higher education that participate in the title IV federal aid programs to verify information that a student has given when applying for Federal Financial Aid, if the student has been selected for verification.
As part of the verification process, students and parents will have to submit one or more of the following documents:
- 2014 Federal Tax Return Transcript from the IRS. (To obtain a copy of your Tax Return Transcript, please call 1-800-829-0922 or visit www.irs.gov. Click on the “Order A Return” link)
- 2014 W-2 form(s) Transcript from the IRS.
- Dependent or Independent Verification Worksheet. To download a copy of the Dependent Verification Worksheet click here.
To download a copy of the Independent Verification Worksheet- click here.
- Other documents of untaxed income. (2014 statement of Child Support, Social Security or Disability Benefits, TANF, Workers’ Compensation, Untaxed Pensions, etc.)
ALL DOCUMENTS REQUESTED MUST BE SUBMITTED IN ORDER FOR STUDENTS TO RECEIVE A VALID AWARD.
Based upon the changes implemented by the U.S. Department of Education effective the 2013-2014 school year, we will no longer accept personal tax returns or W-2 forms. If you are selected for verification, you and your parent(s) must request the 2014 IRS tax return and IRS w-2 form(s) directly from the Internal Revenue (IRS). To obtain an IRS tax transcript, go to www.irs.gov and click on the “order a return or account or call 1-800-908-9946. Students and parents are encouraged to use the IRS Data Retrieval Tool in completing the FASA on the web.